VA Loan – Are you eligible

Before you can get qualified for a VA Loan, you must first show that you are eligible. This means that you, the borrower, need to obtain your Certificate of Eligibility, which you can get from the VA. But before you do that, it’s probably best to know if you even are eligible.

The VA Web site, http://www.homeloans.va.gov/eligibility.htm, has a lot of detailed information about eligibility and other benefits questions, but below are the basic guidelines for VA loan eligibility.

You are currently active duty and you meet the above service requirements

You are the surviving spouse of a Veteran who died during service or because of service-related injuries and you have not remarried.

You are Eligible, but can you Qualify?
Just because you mee the eligibility requirements, doest mean you necessarily qualify. VA Loans have more relaxed credit standards but just as with any loan your credit history will be a factor. Will your credit history or a past bankruptcy hinder your chances of qualifying for a VA Loan? A VA Loan Specialist will better assist you with these questions, as each situation is circumstantial, but here is some basic information on qualifying factors:

Credit: If you have poor credit, this will not automatically keep you from getting a VA Loan. However, it is important that you have good credit history for the past 12 months (credit history does not mean credit score). This will show your lender that you are capable of making timely payments.

Bankruptcy: You will not be automatically disqualified if you have filed for bankruptcy in the past two years, but the bankruptcy must be discharged, and, typically, the circumstances must have been beyond your control (such as unemployment, medical bills not covered by insurance, etc.).

Employment: The VA wants to see that you have a history of stable employment for at least the past two years, and that you will remain employed in the future.

Income: The VA requires that after you pay your mortgage each month, you have a specific amount of residual income left over. This shows the lender and the VA that you can handle all of your monthly payments.

If you have any questions or are unsure if any of these issues might stand in your way, I would suggest you contact a VA Loan Officer, as they can find the answers for your specific situation. Sometimes there are exceptions to each “rule,” and your Loan Officer will know if it applies to you. If you are eligible but can’t qualify a VA Loan Officer will also be able to assist you in identifying and overcoming qualification obstactles.

Comments

MARCH 19, 2018, Groton, CT – The USS Colorado, commissioned here March 17, is the first submarine to bear the name and third vessel to be named for the state. The submarine was brought to life by her sponsor, Annie Maybus Mabus, daughter of former Navy Secretary Ray Mabus. “To the crew of USS Colorado, […]

MARCH 8, 2018, Camp Pendleton, CA – This marks the first male-female integrated Marine Combat Training Company on the West Coast. “It is important, one team one fight, at the end of the day it’s to show the Marine Corps can produce [Marines] regardless of gender and complete any mission.” Said Sgt. Ambar Gonzalez, a […]

Raising children in a military family environment is difficult and full of perils. There will always be a parent missing from a birthday photo, and sometimes they both might be off somewhere in a boot camp or a distant battlefield. But what does this mean for the children that get dragged along with them? While […]

Whether you served four years or 35, most veterans transition back to civilian life and look for a new job or even a new career. And your service makes you an attractive candidate in many fields. As you consider the many opportunities, borrow some of our tips to keep health and well-being as a priority […]

FEBRUARY 23, 2018, Grafenwoehr, Germany – Financial instability and debt resulting in marital problems, loss of security clearance or even suicide degrade mission readiness. But there are fixes. “Soldiers’ top priority is to maintain their deployability,” said Command Sgt. Maj Mike Sutterfield, U.S. Army Garrison Bavaria’s command sergeant major.Contact a Recruiter! Being ready to go […]

This is a private website that is not affiliated with the U.S. government, U.S. Armed Forces, or Department of Veterans Affairs. U.S. government agencies have not reviewed this information. This site is not connected with any government agency. If you would like to find more information about benefits offered by the U.S. Department of Veteran’s Affairs, please visit the official U.S. government web site for veterans benefits at http://www.va.gov.